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~• SCHi:i~LLE i': <br />COST Ri:I}tBliRSt:}tE:~'I' SYS ::'~: <br />COST FI\'DI:~G <br />Allowable Costs <br />The cost reimbursement syste~;, presu:~es certain general criteria <br />as to the allowability of costs incurred by the City. Presu.;,ing this <br />allowability, the costs incurred will then be distributed or allocated to <br />the various types of service as directed. <br />The general criteria presu~,.ed are: <br />1. The costs incurred are necessary and reasonable <br />for the proper and efficient administration of <br />contract services rendered by the City. <br />2. The costs are authorized and legal, and not <br />' prohibited by federal, state or local law or <br />contractual agreement. <br />3. The costs conform to any limitations or <br />exclusions set forth in the agreement as to <br />type or amounts of cost items. <br />4. The costs are consistent with regard to <br />policies, regulations, and procedures that <br />apply uniforruly to other activities of the <br />City. <br />5. The costs are accorded consistent treatment <br />through application of accepted accounting <br />principles appropriate to the circumstances. <br />6. The costs are net of all applicable credits. <br />7. The costs are not allocable to or included <br />as a cost in any other activity c~ith~:r in <br />the current period or prior periods. <br /> <br />